ICER can be defined as the ratio of the difference in costs between the two possible interventions to the difference in their health-related effects. The quality-adjusted life-year (QALY) is a generic version of measurements of disease burden which collectively include both the quality, and the quantity of life lived by the patients using an intervention. Let's talk about willingness to pay and accept.
WTP (Willingness to pay) is considered as the maximum amount of money, an individual is willing to pay to procure a product.
WTA (Willingness to accept) is considered as the minimum amount of money, an owner of products is willing to accept to abandon a product.
Hence the price of any product will always be any point between a buyer's WTP and a seller's WTA.
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